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Standby Trust Agreement

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Standby Trust Agreement STANDBY TRUST AGREEMENT Trust Agreement (the "Agreement"), entered into as of the 9.-'day of 6\-.. ,1995 by and between WYETH LABORATORIES, INC., a New York Corporation (herein referred to as the "Grantor") and CoreStates Bank, N.A. (the "Trustee"). WHEREAS, the U.S. Nuclear Regulatory Commission (the "NRC"), an agency of the U.S. Government, pursuant to the Atomic Energy Act of 1954 as amended, and the Energy Reorganization Act of 1974, has promulgated regulations in Title 10, Chapter I of the Code of Federal Regulations, Parts 30, 40, 70 or 72. These regulations, applicable to the Grantor, require that a holder of, or an applicant for, a Part 30, 40, 70 or 72 license provide assurance that funds will be available when needed for required decommissioning activities; and WHEREAS, the Grantor has elected to use a "surety bond" to provide all of such financial assurance for the facilities identified herein; and WHEREAS, when payment is made under the surety bond, this standby trust shall be used for the receipt of such payment; and WHEREAS, the Grantor, acting through its duly authorized officers, has selected the Trustee to be the trustee under this Agreement, and the Trustee is willing to act as trustee; Information in this record was deleted in accordance with the Freedom of Infor4na ion Act, exemptions . , FOll s NOW, THEREFORE, the Grantor and Trustee agree as follows: t Section 1. Definitions. As used in this Agreement: (a) The term "Grantor"means the NRC licensee who enters into this Agreement and any successors or assigns of the Grantor. (b) The term "Trustee" means the Trustee who enters into the Agreement and any successor Trustee. Section 2. Costs of Decommissioning. This Agreement pertains to the costs of decommissioning the materials and activities identified in License Number 37-00401-03 issued pursuant to 10 CFR Part 30, 40, 70 or 72 as shown in Schedule A. Section 3. Establishment of Fund. The Grantor and the Trustee hereby establish a standby trust fund (the Fund) for the benefit of the NRC. The Grantor and the Trustee intend that no third party have access to the Fund except as provided herein. Section 4. Payments Constituting the Fund. Payments made to the Trustee for the Fund shall consist of cash, securities, or other liquid assets acceptable to the Trustee. The Fund is established initially as unfunded, since the financial assurance is to be provided through the surety bond from the parent corporation. Any property subsequently transferred to the Trustee is referred to as the "Fund", together with all earnings and profits thereon, less any payments or distributions made by the Trustee pursuant to this Agreement. The Fund shall be held by the Trustee, IN TRUST, as hereinafter provided. The Trustee shall not be responsible nor shall it undertake any responsibility for the amount or adequacy of the Fund, nor any duty to collect from the Grantor any payments necessary to discharge any liabilities of the Grantor established by the NRC. 2 !/ I Section 5. Payments for Required Activities specified in the Plan. The Trustee shall make payments from the Fund to the Grantor upon presentation to the Trustee of the following: (a) A certificate duly executed by an authorized officer of the Grantor attesting to the occurrence of the events, and in the form, set forth in the attached Specimen Certificate, and (b) A certificate attesting to the following conditions: (1) that decommissioning is proceeding pursuant to an NRC-approved.-plan; (2) that the funds withdrawn will be expended for activities undertaken pursuant to that plan; and (3) that the NRC has been given 30 days' prior notice of the Grantor's intention to withdraw funds from the Fund. No withdrawal from the Fund shall exceed ten percent (10%) of the outstanding balance of the Fund or $75,000, whichever is greater, unless NRC approval is attached. In the event of the Grantor's default or inability to direct decommissioning activities, the Trustee shall make payments from the Fund as the NRC shall direct, in writing, to provide for the payment of the costs of required activities covered by this Agreement. The Trustee shall reimburse the Grantor or other persons as specified by the NRC from the Fund for expenditures for required activities in such amounts as the NRC shall direct in writing. In addition, the Trustee shall refund to the Grantor such amounts as the NRC specifies in writing. Upon refund, such funds shall no longer constitute part of the Fund as defined herein. 3 Section 6. Trust Management. The Trustee shall invest and reinvest the principal and income of the fund and keep the Fund invested as a single fund, without distinction between principal and income, in accordance with general investment policies and guidelines which the Grantor may communicate in writing to the Trustee from time to time, subject, however, to the provisions of the Section. In investing, reinvesting, exchanging, selling and managing the Fund, the Trustee shall discharge its duties with respect to the fund solely in the interest of the beneficiary and with the care, skill, prudence and diligence under the circumstances then prevailing which persons of prudence, acting in a like capacity and familiar with such matters, would use in the conduct of an enterprise of a like character and with like aims; except that: (a) Securities or other obligations of the Grantor, or any other owner or operator of the facilities or any of their affiliates, as defined in the Investment Company Act of 1940, as amended, 15 U.S.C. 80a-2(a), shall not be acquired or held, unless they are securities or other obligations of the Federal or a State government; (b) The Trustee is authorized to invest the Fund in time or demand deposits of the Trustee, to the extent insured by an agency of the Federal Government; and (c) For a reasonable time, not to exceed 60 days, the Trustee is authorized to hold uninvested cash, awaiting investment or distribution, without liability for the payment of interest thereon. Section 7. Commingling and Investment. The Trustee is expressly authorized in its discretion: 4 (I. " (a) To transfer from time to time any or all of the assets of the Fund to any common, commingled or collective trust fund created by the Trustee or an affiliate in which the Fund is eligible to participate, subject to all of the provisions thereof, to be commingled with the assets of other trust participating therein; and (b) To purchase shares in any investment company registered under the Investment Company Act of 1940, 15 U.S.C. 80a-1 et seq., including one which may be created, managed, underwritten, or to which investment advice is rendered or the shares of which are sold by the Trustee -or an affiliate. The Trustee may vote such shares in its discretion. Section 8. Express Powers of Trustee. Without in any way limiting the powers and discretions conferred upon the Trustee by the other provisions of this Agreement or by law, the Trustee is expressly authorized and empowered: (a) To sell, exchange, convey, transfer or otherwise dispose of any property held by it, by public or private sale as necessary for prudent management of the Fund. (b) To make, execute, acknowledge and deliver any and all documents of transfer and conveyance and any and all other instruments that may be necessary or appropriate to carry out the powers herein granted; (c) To register any securities held in the Fund in its own name or in the name of a nominee and to hold any security in bearer form or in book entry, or to combine certificates representing such securities with certificates of the same issue held by the Trustee in other fiduciary capacities, to reinvest interest payments and funds from matured and redeemed instruments, to file 5 proper forms concerning securities held in the Fund in a timely fashion with appropriate government agencies, or to deposit or arrange for the deposit of such securities in a qualified central depository even though, when so deposited, such securities may be merged and held in bulk in the name of the nominee of such depository with other securities deposited therein by another person or to deposit or arrange for the deposit of any securities issued by the United States Government or any agency or instrumentality thereof with a Federal Reserve Bank, but the books and records of the Trustee shall at all times show that all such securities are part of the Fund; (d) To deposit any cash in the Fund in interest-bearing accounts maintained or savings certificates issued by the Trustee in its separate corporate capacity, or in any other banking institution affiliated with the Trustee, to the extent insured by an agency of the Federal government; and I (e) To compromise or otherwise adjust all claims in favor of or against the Fund. Section 9. Taxes and Expenses. All taxes of any kind that may be assessed or levied against or in respect of the Fund and all brokerage commissions incurred by the Fund shall be paid from the Fund. All other expenses incurred by the Trustee in connection with the administration of this Trust, including fees for legal services rendered to the Trustee, the compensation of the Trustee to the extent not paid directly by the Grantor and all other proper charges and disbursements of the Trustee shall be paid from the Fund. Section 10. Annual Valuation. After payment has been made into this standby trust fund, the Trustee shall annually, at least 30 days prior to the anniversary date of receipt of payment into the standby trust fund, furnish to the Grantor and to the NRC a statement 6 •, j confirming the value of the Trust.
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